Asia United Bank (AUB) continues to see robust earnings growth, with a 36 percent increase in net income to P11.3 billion in 2024, up from P8.3 billion in the previous year.
Last year’s performance highlights the resilience of AUB and its strong position as one of the fastest-growing banks in the Philippines. Since becoming a publicly listed universal bank in 2013, AUB has achieved a 21 percent compounded annual growth rate (CAGR).
AUB said key drivers of the bank’s performance included a double-digit growth in its loan portfolio, which increased by 26 percent, reaching P245.4 billion from P194.5 billion a year earlier. The bank also saw a 74 percent reduction in loan loss provisions, reflecting its improved asset quality, with the non-performing loan ratio falling to a record-low 0.3 percent. The bank’s NPL coverage ratio remained strong at 113.7 percent, higher than the previous year’s 107.9 percent. These results contributed to a return on equity of 21 percent and a return on assets of 3 percent.
AUB’s success has also been supported by its digital innovations, including the AUB PayMate digital payment acceptance product and the HelloMoney e-wallet for cross-border payments. These initiatives have helped the bank reach underserved Filipinos and expand its customer base.
Non-interest income grew 48 percent to P4.1 billion, driven by foreign exchange gains, service charges, and fees from the bank’s digital services. Despite operating expenses rising by 6 percent to P6.8 billion, the bank maintained efficient resource management, with a low cost-to-income ratio of 32.8 percent.
Looking ahead, AUB is optimistic about sustaining its growth momentum, particularly with the expected benefits from the government’s National ID system, which will streamline processes and enhance security in financial transactions.
